Research

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Diversification Strategies for the End of the Cycle

Learn more about the private equity secondary market.

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LDI Diversifiers

Commercial mortgage loans, securitized assets and private placements can help plan sponsors diversify their exposure to long corporate bonds.

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Securitized Assets: An Untapped Market for Diversifying Credit Risk in LDI Portfolios

Tapping the securitized market can help plan sponsors diversify the corporate credit risk in their LDI portfolios without sacrificing yield and total return potential.

Unconstrained Fixed Income: Perspectives on Duration

November 8, 2017

An unconstrained opportunity set should not equate to unconstrained risk. In this analysis, we explain why clearly defined risk tolerances, not specific return targets, are most important when approaching today's challenging fixed income markets.

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The U.S. Housing Trade is Far From Over

August 4, 2017

The U.S. housing market still has meaningful upside. In fact, from several perspectives, we are still in the recovery phase. Against a robust economic backdrop, we believe securitized credit is a compelling way for investors to diversify a broader credit portfolio—yet the potential benefits of the asset class remain broadly misunderstood. In this analysis, we reveal why we believe securitized credit has become a “through-the-cycle” allocation.

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Expanding Fixed Income Menus in DC Plans

July 1, 2017

While defined contribution plans typically offer participants an array of equity investment options across styles, capitalizations and geographies, they seldom offer similar diversity within their fixed income lineups.

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Sidestepping the Relative Value Trap in Credit

March 22, 2016

The general rule of thumb when considering the relative value of a bond is that “wide” equals “cheap”. While this approach is relatively useful in a static mid-cycle environment, it breaks down in a changing world — such as when cyclical or secular forces are reshaping an industry or when a credit cycle is turning.

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